$3-Trn Biz Potential For Industry By 2035

New Delhi: India’s industry sector is expected to outpace agriculture to take a larger share in the GDP (30-32%) by 2035 and opening a $3 trillion opportunity, driven majorly by manufacturing, a report showed on Tuesday.

Manufacturing is expected to emerge as the growth leader taking two-third share of industrials and more than 20 per cent share of the GDP by 2035. Higher domestic consumption with increasing per capita income and a target of $1 trillion merchandise exports are expected to drive this growth, according to the report by Omniscience Capital.

The manufacturing sector is pivotal to India’s economic growth, significantly contributing to the nation’s GDP. Currently, it stands as one of India’s key growth sectors, catering to both domestic and international markets.

Government initiatives such as the Production-Linked Incentive (PLI) scheme, ‘Make in India’ campaign, liberalised Foreign Direct Investment (FDI) policy, public-private partnership (PPP) models for various public undertakings, and infrastructure development are fuelling this growth.

To achieve India’s ambitious $1 trillion merchandise export target by 2030, the merchandise exports should increase from the current $450 billion to $1 trillion, requiring a year-on-year growth rate of 12 per cent, the report mentioned.